TBH @Jack1960. I've read all your posts and I still don't...

TBH @Jack1960. I've read all your posts and I still don't understand your investment thesis for PTM other than trading the various bumps and jumps on the way down, and then waiting for an eventual takeover. Either that or PTM is a small position in your portfolio and it doesn't have an overall impact, or you don't care about the opportunity cost of tying up a large amount capital for a very long period time in the uncertain hope that PTM not only survives, but prospers. If the latter is the case > then we are just very different investors.
To put that opportunity cost into perspective, anyone reading this should take a look over at GQG Partners. This business is in exactly the same segment of the market and positioning themselves / selling their product to the same institutions and retail customers. The difference is that GQG execute their strategy so much better than PTM. See below tables. Its a stark contrast to say the least.

A recent quote on GQG:
"This impressive alpha generation has been achieved with less volatility/risk, a rare combination amongst active managers globally. In our view, GQG’sinvestment performance track record will drive client inflows for years to come. It comes as little surprise that GQG has rapidly scaled to over $140b of FUM since it was founded in 2016."
"Alongside strong investment performance, GQG’s powerful distribution capability has fast tracked its success. GQG has built out an extensive global distribution team and invested in the institutionalised infrastructure required to support scale."

The inverse is also true about investment performance and client inflows... Something is wrong at PTM, either the people (culture), or the investment process, or both. I just don't know if they can fix it. It's a pity, they were very good for so many years. Wont be the first fund manager to hoist the white flag.

Source: GQG Partners March 2024 FUM update